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Orlen Group Consolidated Quarterly Report

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Orlen Group Consolidated Quarterly Report ORLEN GROUP CONSOLIDATED QUARTERLY REPORT FOR THE 3rd QUARTER 2020 ORLEN GROUP ORLEN GROUP - SELECTED DATA PLN million EUR million 9 MONTHS 9 MONTHS 9 MONTHS 9 MONTHS ENDED ENDED ENDED ENDED 30/09/2020 30/09/2019 30/09/2020 30/09/2019 Sales revenues 63 005 83 703 14 184 19 427 Profit from from operations increased by depreciation and amortisation (EBITDA) 6 352 7 461 1 430 1 732 EBITDA before net impairment allowances 6 994 7 561 1 575 1 755 Profit from operations (EBIT), incl.: 3 116 4 889 701 1 135 gain on bargain purchase of the ENERGA Group 3 690 - 831 - Profit before tax 2 337 4 684 526 1 087 Net profit before net impairment allowances 3 070 3 816 691 886 Net profit 2 428 3 716 547 862 Total net comprehensive income 2 054 3 989 462 926 Net profit attributable to equity owners of the parent 2 385 3 717 537 863 Total net comprehensive income attributable to equity owners of the parent 2 016 3 990 454 926 Net cash from operating activities 6 071 8 116 1 367 1 884 Net cash (used) in investing activities (6 422) (2 373) (1 445) (551) Net cash (used) in financing activities (4 704) (3 077) (1 060) (714) Net increase/(decrease) in cash and cash (5 055) 2 666 (1 138) 619 equivalents Net profit and diluted net profit per share attributable to equity owners of the parent (in PLN/EUR per share) 5.58 8.69 1.26 2,02 30/09/2020 31/12/2019 30/09/2020 31/12/2019 Non-current assets 56 870 39 277 12 563 9 223 Current assets 24 914 31 925 5 505 7 497 Total assets 81 784 71 202 18 068 16 720 Share capital 1 058 1 058 234 248 Equity attributable to equity owners of the parent 40 184 38 596 8 877 9 063 Total equity 41 806 38 607 9 235 9 065 Non-current liabilities 16 784 14 315 3 709 3 362 Current liabilities 23 194 18 280 5 124 4 293 Number of shares 427 709 061 427 709 061 427 709 061 427 709 061 Carrying amount and diluted carrying amount per share attributable to equity owners of the parent (in PLN/EUR per share) 93.95 90.24 20.75 21.19 PKN ORLEN – SELECTED DATA PLN million EUR million 9 MONTHS 9 MONTHS 9 MONTHS 9 MONTHS ENDED ENDED ENDED ENDED 30/09/2020 30/09/2019 30/09/2020 30/09/2019 Sales revenues 43 785 66 666 9 857 15 473 Profit from operations increased by depreciation and amortisation (EBITDA) 1 809 4 807 407 1 116 Profit from operations (EBIT) 382 3 519 86 817 Profit/(Loss) before tax (1 968) 3 742 (443) 868 Net profit/(loss) before net impairment allowances (2) 3 080 - 718 Net profit/(loss) (2 013) 3 062 (453) 711 Total net comprehensive income (2 149) 2 953 (484) 685 Net cash from operating activities 2 966 4 819 668 1 118 Net cash (used) in investing activities (4 195) (618) (944) (143) Net cash (used) in financing activities (3 221) (2 328) (725) (540) Net increase/(decrease) in cash (4 450) 1 873 (1 002) 435 Net profit/(loss) and diluted net profit/(loss) per share (in PLN/EUR per share) (4.71) 7.16 (1.06) 1.66 30/09/2020 31/12/2019 30/09/2020 31/12/2019 Non-current assets 37 975 36 939 8 389 8 674 Current assets 16 103 23 337 3 557 5 480 Total assets 54 078 60 276 11 946 14 154 Share capital 1 058 1 058 234 248 Total equity 32 347 34 924 7 146 8 201 Non-current liabilities 7 651 11 769 1 690 2 764 Current liabilities 14 080 13 583 3 110 3 190 Number of shares 427 709 061 427 709 061 427 709 061 427 709 061 Carrying amount and diluted carrying amount per share (in PLN/EUR per share) 75.63 81.65 16.71 19.17 The above financial data for the 9-month period of 2020 and 2019 was translated into EUR using the following exchange rates: items in the statement of profit or loss and other comprehensive income and the statement of cash flows - by the arithmetic average of average exchange rates quoted by the National Bank of Poland as of the last day of each month during the reporting period: from 1 January to 30 September 2020 – 4.4420 EUR/PLN and 1 January to 30 September 2019 – 4.3086 EUR/PLN; items of assets, equity and liabilities – by the average exchange rate published by the National Bank of Poland as on 30 September 2020 – 4.5268 EUR/PLN and as at 31 December 2019– 4.2585 EUR/PLN. ORLEN GROUP TABLE OF CONTENTS A. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION ............................................................................................................................................................... 5 Consolidated statement of profit or loss and other comprehensive income ..................................................................................................................... 5 Consolidated statement of financial position ...................................................................................................................................................................... 6 Consolidated statement of changes in equity ...................................................................................................................................................................... 7 Consolidated statement of cash flows ................................................................................................................................................................................. 8 EXPLANATORY NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS .................................................................................................. 9 1. Principal activity of the ORLEN Group ........................................................................................................................................................................ 9 2. Information on principles adopted in the preparation of the interim condensed consolidated financial statements ........................................... 9 2.1. Statement of compliance and general principles of preparation ..............................................................................................................9 2.2. Accounting principles and amendments to International Financial Reporting Standards (IFRS) ...............................................................9 2.3. Functional currency and presentation currency of financial statements and methods applied to translation of financial statements of foreign entities ......................................................................................................................................................................................9 2.4. Information concerning the seasonal or cyclical character of the ORLEN Group’s operations in the presented period ............................ 10 3. Financial situation and the organization of the ORLEN Group ............................................................................................................................... 10 3.1. Impact of coronavirus pandemic on ORLEN Group’s operations ........................................................................................................... 10 3.2. Group achievements and factors that have a significant impact on the interim condensed consolidated financial statements ................. 12 3.3. Description of the organization of the ORLEN Group ............................................................................................................................ 15 3.4. Changes in the structure of the ORLEN Group from 1 January 2020 up to the date of preparation of this report .................................... 15 4. Segment’s data ........................................................................................................................................................................................................... 18 5. Other notes ................................................................................................................................................................................................................. 21 5.1. Sales revenues ................................................................................................................................................................................... 21 5.2. Operating expenses ............................................................................................................................................................................ 23 5.3. Impairment allowances of inventories to net realizable value ................................................................................................................ 23 5.4. Impairment allowances of property, plant and equipment and intangible assets .................................................................................... 23 5.5. Other operating income and expenses ................................................................................................................................................. 25 5.6. Finance income and costs ................................................................................................................................................................... 26 5.7. Loans, borrowings and bonds .............................................................................................................................................................. 26 5.8. Derivatives and other assets and liabilities ........................................................................................................................................... 27 5.9. Provisions ..........................................................................................................................................................................................
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